tv Business Deutsche Welle April 11, 2019 8:30am-8:46am CEST
close fast and everyone did but. the lack of water these equally dangerous. days yet you can see people move south so they can plant crops and find food. floods and droughts will climate change become the main driver of mass migration you can write any kind of peace not if you want and probably more. connotates of this starts people courteous on t w. the world's biggest democracy at work nine hundred million people in india start casting their vote where they provide a second term to prime minister narendra modi and here's a vicious economic agenda also coming up the world bank says the world needs to stop depending on fossil fuels so why is it lending money to build the world's
biggest oil refinery and. welcome to the program. the biggest election in history has started in india nine hundred million people are eligible to cast their vote with prime minister narendra modi and this hindu nationalist party could as favorites mr modi was swept into power in twenty fourteen on promises of more jobs and a stronger economy but his first period in office has had its shares of blemish g.d.p. growth in india has been strong indeed in twenty eight hundred india's gross domestic product grew by seven point three per cent making india the fastest growing economy in the world but it is not enough creating jobs and employment currently stands at seven point one percent the highest level in years but providing jobs is of the utmost importance in india as the population is growing and it's growing fast there are currently around one point four billion people living on the subcontinent and
that number is growing by fifteen million every year the prime minister and remote attempts to prop up the economy have been hampered by what many call are too self inflicted problems. chaos of banks across india as almost all paper money is rendered wes less two years ago prime minister narendra modi stripped five hundred one thousand ripping notes of their value leaving millions of indians without their savings it was meant to tackle money laundering but lives and businesses were disrupted this textile factory in tamil nadu had to close a nearly three weeks its c.e.o. is still angry. over at you know if you get it at all or we. understand it more as he's awful that. the maid administration didn't just cancel common notes it also took months to replace them and then introduced a new tax on goods and services known as g.s.t. experts say it was necessary many complain of a haphazard rollout it was
a double whammy for small businesses d.s.t.v. out of the ready but we used to have a lot of clients at least two to three hundred in a city. he was a willing cash we were doing well. after the nets were cancelled and g.s.t. was brought into the market disappears when we don't get clients from outside the city now business is down a lot lately. some businesses are still hurting and that's something modi's opponents capitalizing on they say his policies have disproportionately affected the poor but the prime minister and his supporters say so in the past now it's up to india to decide. you know well for more of the indian election let's bring in car she is the president of the german institute of global and area studies and habert and she joins me via skype good you have you with us on return now prime minister modi's swept into office with a strong mandate five years ago now large parts of his voters seem disillusioned
how would you grade his first term in office. great to be with you and i would i would say that to we need to look at this movie's record in a balanced way so europe your report covered some of the very serious problems that have come from some of his policies like to monetize ation like the goods and services tax but there have also been some important achievements so for example easily doing business index of the world bank india in two thousand and fourteen ranked one hundred thirty fourth in a group of one hundred ninety countries and now india ranks seventy seven and this is a big leap frogging many of the reforms that more these trying to bring about have been difficult to implementing there have been serious problems but i would argue you look at a digitalization when you look at improvements in formalizing some of the informal
sector has more the islam has launched india in a good way but one of the most important issues though is getting enough jobs for an ever growing society why is this. that we're seeing in the indian economy not creating this required number of jobs. let a lot more needs to be done in terms of industry in terms of infrastructure in terms of also catering to the needs of the fama so a movie has brought about huge improvements for example in the services sector. and india looks very different five years ago to come from from what it's like right now that industry is lagging and we are seeing a massive levels of migration from rural areas to urban areas and unless india a something about it's a very weak industrial sector and this is something that has been a problem for previous governments as well and what has been trying to fix it but
it's going to take a long time to fix it's not going to happen overnight no wonder the tensions with pakistan over a battle kashmir have been running high recently and that's always a delicate and sensitive issue within the indian society i wonder how important these these news to to have a look at your personal economic situation and have that influence your vote. so their reaction to their situation in pakistan and also india's strong response to the situation cancelling india in different ways so in the northern states where pakistan is closer the threat is closer the problem and kashmir is real is there are problems of terrorism have been directly experienced very that might act the strong position that movie showed might actually produce
some wins but india is really almost like you are a it's a very diverse country and there are diverse interests within the country and so when you look at the saddam's i'm not so sure whether this would play out entirely in favor of movie where economic concerns a mind to be more overwhelming than some of the nationalistic flava the patriotism that will be managed to highness in relation to the present crisis. not like our of the germans the truth of global in the area studies thank you for talking to no. thank you. meanwhile here in europe businesses have been breathing a sigh of relief on news that the regs of deadline has been pushed back that spring in colorado and that the frankfurt stock exchange for more about. good morning chris of course everyone on the financial markets is relieved about the fact that we don't know that we will see
a no deal heartbreaks it tomorrow but of course no one of the financial markets either knows. what you know kind of events will come about in the next six months will we end up in the customs union with the u.k. will there be another referendum in the u.k. what will the outcome be of the european union's parliamentary elections at the end of may where the brits now have to take part the uncertainty about this means that you know market people financial decision makers will likely continue to plan for something going wrong and you know chris if i had to do this kind of planning i probably wouldn't think about you know significant business investment long term. that's. all titians and activists agree the world stop depending on fossil fuels that well with.
nigeria for example the richest man of the country olds biggest oil refinery in the world bank one of the big champions of pushing green energy apparently is heavily invested in the project w.'s funny factual report. we received rare access to this gigantic construction site in lagos and an. estimated west point one billion u.s. dollars construction site is a beehive of people to very. anxious china's one of them this space. this brief burning sun thousands of working hand in the last. oil said that nigeria biggest export is of crude. refined oil anymore.
beyond oil. be. recent climate summit in kenya the well. being support for oil and emphasized africa's. in. how could they earn money who is not. much. enjoying sunshine. seven percent of their installed electricity pickup possibly to come from solar and in the africa this capacity to be one point five percent how come. however according to an international research project which d.w. was part of the world bank has invested in
a number of fossil fuel projects in africa these include financial intermediary investment and a one hundred fifty million us dollar loan to tango taste refinery project by the world bank's i.f.c. the world bank says this loan was designed to help nigeria increase the value addition of its natural resources sector. but instead the world bank should have used its nigeria with. the supply. of enclave. that we. live. everywhere in nigeria not just at the oil refinery. but his man proudly sells denko tastes. from into much.